Prime Minister Liz Truss gives a press conference at 10 Downing Street on Friday. AFP
Prime Minister Liz Truss gives a press conference at 10 Downing Street on Friday. AFP
Prime Minister Liz Truss gives a press conference at 10 Downing Street on Friday. AFP
Prime Minister Liz Truss gives a press conference at 10 Downing Street on Friday. AFP

World

UK

Liz Truss insists her 'mission remains' as she U-turns on tax plan

Kwasi Kwarteng sacked as chancellor after weeks of market chaos

Tim Stickings
Tim Stickings

October 14, 2022

  • English
  • Arabic

Britain's Prime Minister Liz Truss said on Friday that she would fight on to deliver her pro-growth agenda, despite sacking her chancellor and scrapping a promised tax cut on a dramatic day in Westminster.

Ms Truss said her “mission remains” even as she jettisoned a key pledge by announcing that corporation tax would rise next year.

She sacked her chancellor and close ally Kwasi Kwarteng on Friday after his huge package of tax cuts caused mayhem on markets and angered MPs and the public.

Markets were not immediately appeased, with government borrowing costs moving back up after falling earlier on Friday. Sterling was down against the dollar after Ms Truss spoke.

Read more

Kwasi Kwarteng sacked as UK Chancellor after market chaos

“It is clear that parts of our mini-budget went further and faster than markets were expecting. So the way we are delivering our mission right now has to change,” Ms Truss told a press conference.

“This is difficult. But we will get through this storm and we will deliver the strong and sustained growth that can transform the prosperity of our country for generations to come.”

Former foreign secretary Jeremy Hunt was appointed as the new chancellor, as opposition MPs accused Ms Truss of making Mr Kwarteng a scapegoat for policies she championed.

Liz Truss - in pictures

Britain's Prime Minister Liz Truss during Prime Minister's Questions in the House of Commons in London, addressing Parliament for the first time since abandoning her disastrous tax-slashing economic policies. Here, 'The National' looks at her time in power so far. AFP
Britain's Prime Minister Liz Truss during Prime Minister's Questions in the House of Commons in London, addressing Parliament for the first time since abandoning her disastrous tax-slashing economic policies. Here, 'The National' looks at her time in power so far. AFP
Liz Truss speaks to Grant Shapps at Downing Street as he is appointed Home Secretary, after the resignation of Suella Braverman. Photo: Simon Dawson / No 10 Downing Street
Liz Truss speaks to Grant Shapps at Downing Street as he is appointed Home Secretary, after the resignation of Suella Braverman. Photo: Simon Dawson / No 10 Downing Street
A mural by artist Ciaran Gallagher in Belfast is updated to reflect Liz Truss's current political troubles. PA
A mural by artist Ciaran Gallagher in Belfast is updated to reflect Liz Truss's current political troubles. PA
Britain's new Chancellor of the Exchequer Jeremy Hunt announcing tax and spending measures at the House of Commons in London, with Liz Truss sitting on the bench behind him. AFP
Britain's new Chancellor of the Exchequer Jeremy Hunt announcing tax and spending measures at the House of Commons in London, with Liz Truss sitting on the bench behind him. AFP
Liz Truss gives a speech after sacking Kwasi Kwarteng as chancellor of the exchequer. Reuters
Liz Truss gives a speech after sacking Kwasi Kwarteng as chancellor of the exchequer. Reuters
A protest by climate change group Extinction Rebellion in central London. Ms Truss has said the group is part of an 'anti-growth coalition' with trade unions and the main opposition Labour Party. AFP
A protest by climate change group Extinction Rebellion in central London. Ms Truss has said the group is part of an 'anti-growth coalition' with trade unions and the main opposition Labour Party. AFP
Ms Truss has come under increasing pressure during her short time as prime minister. AFP
Ms Truss has come under increasing pressure during her short time as prime minister. AFP
An Extinction Rebellion protest outside Downing Street on the day Mr Kwarteng was removed from the government. AP
An Extinction Rebellion protest outside Downing Street on the day Mr Kwarteng was removed from the government. AP
Ms Truss with members of the England women's football team and the European Championship trophy in Teddington, south-west London. Getty
Ms Truss with members of the England women's football team and the European Championship trophy in Teddington, south-west London. Getty
Ms Truss arrives for a meeting of the European Political Community at Prague Castle in the Czech Republic. AP
Ms Truss arrives for a meeting of the European Political Community at Prague Castle in the Czech Republic. AP
Ms Truss and her husband Hugh O'Leary wave after her keynote speech at the Conservative Party conference in Birmingham. AP
Ms Truss and her husband Hugh O'Leary wave after her keynote speech at the Conservative Party conference in Birmingham. AP
Liz Truss gives a speech at the Conservative Party Conference. EPA
Liz Truss gives a speech at the Conservative Party Conference. EPA
Ms Truss meets with Mr Kwarteng, chancellor of the exchequer at the time. Photo: Andrew Parsons / CCHQ
Ms Truss meets with Mr Kwarteng, chancellor of the exchequer at the time. Photo: Andrew Parsons / CCHQ
Ms Truss and Mr Kwarteng visit a construction site for a medical innovation campus in Birmingham. AFP
Ms Truss and Mr Kwarteng visit a construction site for a medical innovation campus in Birmingham. AFP
Ms Truss meets US President Joe Biden for talks at the UN headquarters in New York. PA
Ms Truss meets US President Joe Biden for talks at the UN headquarters in New York. PA
Ms Truss delivers a speech at the 77th session of the General Assembly at the UN headquarters in New York. AP
Ms Truss delivers a speech at the 77th session of the General Assembly at the UN headquarters in New York. AP
The British prime minister holds a bilateral meeting with Turkish President Recep Tayyip Erdogan in New York. Reuters
The British prime minister holds a bilateral meeting with Turkish President Recep Tayyip Erdogan in New York. Reuters
Ms Truss meets French President Emmanuel Macron at the UN headquarters in New York. Reuters
Ms Truss meets French President Emmanuel Macron at the UN headquarters in New York. Reuters
Ms Truss speaks to the media during her visit to the Empire State building in New York. AP
Ms Truss speaks to the media during her visit to the Empire State building in New York. AP
Britain's new leader speaks during the state funeral of Queen Elizabeth at Westminster Abbey, London. PA
Britain's new leader speaks during the state funeral of Queen Elizabeth at Westminster Abbey, London. PA
Ms Truss and her husband Hugh O'Leary observe a minute's silence at Number 10 Downing Street following the death of the queen. Reuters
Ms Truss and her husband Hugh O'Leary observe a minute's silence at Number 10 Downing Street following the death of the queen. Reuters
Britain's Labour Party leader Sir Keir Starmer and Ms Truss leave after a service for the reception of Queen Elizabeth's coffin at Westminster Hall in the Palace of Westminster. AFP
Britain's Labour Party leader Sir Keir Starmer and Ms Truss leave after a service for the reception of Queen Elizabeth's coffin at Westminster Hall in the Palace of Westminster. AFP
Ms Truss joins the Speaker Lindsay Hoyle and selected MPs to take the oath and swear allegiance to King Charles III in the House of Commons chamber. PA
Ms Truss joins the Speaker Lindsay Hoyle and selected MPs to take the oath and swear allegiance to King Charles III in the House of Commons chamber. PA
King Charles during his first audience with Ms Truss at Buckingham Palace, London, following the death of Queen Elizabeth. Getty Images
King Charles during his first audience with Ms Truss at Buckingham Palace, London, following the death of Queen Elizabeth. Getty Images
Ms Truss gives a reading during a service of prayer and reflection, following the passing of Queen Elizabeth, at St Paul's Cathedral in London. Getty Images
Ms Truss gives a reading during a service of prayer and reflection, following the passing of Queen Elizabeth, at St Paul's Cathedral in London. Getty Images
The British prime minister makes a statement outside 10 Downing Street in London following the queen's death. Bloomberg
The British prime minister makes a statement outside 10 Downing Street in London following the queen's death. Bloomberg
Ms Truss speaking during her first weekly Prime Minister's Questions session at the House of Commons in London. AFP
Ms Truss speaking during her first weekly Prime Minister's Questions session at the House of Commons in London. AFP
Front pages of a selection of British national newspapers, each leading with a story about Ms Truss becoming Britain's new prime minister. AFP
Front pages of a selection of British national newspapers, each leading with a story about Ms Truss becoming Britain's new prime minister. AFP
People walk past an image in central London of Ms Truss on the side of a protest bus calling for a citizens' assembly. Reuters
People walk past an image in central London of Ms Truss on the side of a protest bus calling for a citizens' assembly. Reuters
Ms Truss holds her first Cabinet meeting at 10 Downing Street. Reuters
Ms Truss holds her first Cabinet meeting at 10 Downing Street. Reuters
Ms Truss speaks at Downing Street on the day she took over as prime minister from Boris Johnson. EPA
Ms Truss speaks at Downing Street on the day she took over as prime minister from Boris Johnson. EPA
Ms Truss poses with her husband Hugh O'Leary at Downing Street before entering as prime minister for the first time. EPA
Ms Truss poses with her husband Hugh O'Leary at Downing Street before entering as prime minister for the first time. EPA
Ms Truss is welcomed by staff in Downing Street as she enters the famous prime ministerial offices for the first time. Andrew Parsons / No 10 Downing Street
Ms Truss is welcomed by staff in Downing Street as she enters the famous prime ministerial offices for the first time. Andrew Parsons / No 10 Downing Street
New Health Secretary Therese Coffey and Number 10 staff shelter from a downpour as they wait for Ms Truss to arrive in Downing Street. PA
New Health Secretary Therese Coffey and Number 10 staff shelter from a downpour as they wait for Ms Truss to arrive in Downing Street. PA
Liz Truss makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become prime minister and form a new government. PA
Liz Truss makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become prime minister and form a new government. PA
Queen Elizabeth II greets the newly elected leader of the Conservative Party, Ms Truss, at Balmoral Castle in Scotland. The queen invited Ms Truss to become prime minister and form a new government. Getty Images
Queen Elizabeth II greets the newly elected leader of the Conservative Party, Ms Truss, at Balmoral Castle in Scotland. The queen invited Ms Truss to become prime minister and form a new government. Getty Images

Questioned on her credibility and whether she could continue in office, she said: “The mission remains the same. We do need to raise our country’s economic growth levels. We do need to deliver for people across the country.”

Ms Truss's U-turn means corporation tax will rise from 19 to 25 per cent next year as envisaged by Boris Johnson's government. She had campaigned to stop the increase during the Conservative leadership race.

Mr Kwarteng was an early backer of Ms Truss during the contest to replace Boris Johnson.

Seeking to reassure investors who took fright at Mr Kwarteng's unfunded plans, she said the new tax would raise an extra £18 billion ($20.2bn) and that government spending would be kept under control.

"Our public sector will become more efficient to deliver world-class services for the British people. And spending will grow less rapidly than previously planned," she said.

One of Mr Hunt's first tasks will be to deliver a medium-term fiscal plan on October 31 setting out how the government plans to reduce debt as a share of national income.

But rumours swirled of a plot to oust Ms Truss from within her own ranks, as another former chancellor, Philip Hammond, said the Tories were squandering their reputation for economic sobriety.

"I'm afraid we have thrown away years and years of painstaking work to build and maintain a reputation as a party of fiscal discipline and competence in government," Mr Hammond said.

Mr Kwarteng was called back from a trip to the US to learn his fate on Friday, before leaving 11 Downing Street after only 38 days in office.

A former top Treasury official, Nick Macpherson, said the government's hand was forced by the Bank of England ending a multibillion-pound intervention to calm markets.

The end of the Bank's bond purchases "forced the government to adopt a more orthodox economic policy and thus restore order to the markets," he said.

Thomas McGarrity, from investment bank RBC, said Friday's changes did not eliminate market concerns about the health of Britain's economy.

He said: "A sizeable U-turn on the unfunded tax plans should be supportive to UK domestic stocks given their sharp underperformance over the past month. It does not, however, change our caution towards UK domestic stocks and maintain a strong preference for more internationally oriented companies given the challenges the UK economy still faces."

Mr Kwarteng confirmed in a letter that Ms Truss had asked him to stand aside as chancellor, but defended the government's pro-growth policies.

"Following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation," he said.

Ms Truss said her close ally Mr Kwarteng had "put the national interest first" by resigning.

Where%20the%20Crawdads%20Sing
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EOlivia%20Newman%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Daisy%20Edgar-Jones%2C%20Taylor%20John%20Smith%2C%20Harris%20Dickinson%2C%20David%20Strathairn%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
While you're here
While you're here
Plastic tipping points
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Read more about the coronavirus
KILLING OF QASSEM SULEIMANI
MORE ON AFRICAN SECURITY
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While you're here
UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Previous men's records
  • 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
  • 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
  • 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
  • 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
  • 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
  • 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
  • 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
  • 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
  • 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
  • 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%20Main%20%E2%80%93%206.7%22%20FHD%2B%20Dynamic%20Amoled%202X%2C%202640%20x%201080%2C%2022%3A9%2C%20425ppi%2C%20HDR10%2B%2C%20up%20to%20120Hz%3B%20cover%20%E2%80%93%203%2F4%22%20Super%20Amoled%2C%20720%20x%20748%2C%20306ppi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Qualcomm%20Snapdragon%208%20Gen%202%2C%204nm%2C%20octa-core%3B%20Adreno%20740%20GPU%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2013%2C%20One%20UI%205.1.1%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%20wide%20(f%2F1.8)%2C%20OIS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%4030%2F60fps%2C%20full-HD%4060%2F240fps%2C%20HD%40960fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2010MP%20(f%2F2.2)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%203700mAh%2C%2025W%20fast%20charging%2C%2015W%20wireless%2C%204.5W%20reverse%20wireless%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%3B%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Samsung%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Nano-SIM%20%2B%20eSIM%3B%20no%20microSD%20slot%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Cream%2C%20graphite%2C%20lavender%2C%20mint%3B%20Samsung.com%20exclusives%20%E2%80%93%20blue%2C%20grey%2C%20green%2C%20yellow%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Flip%204%2C%20USB-C-to-USB-C%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh3%2C899%20%2F%20Dh4%2C349%3C%2Fp%3E%0A
MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

WHAT IS GRAPHENE?

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. 

Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

Killing of Qassem Suleimani
'Gehraiyaan'
Director:Shakun Batra

Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa

Rating: 4/5

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MADAME%20WEB
%3Cp%3EDirector%3A%20S.J.%20Clarkson%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Dakota%20Johnson%2C%20Tahar%20Rahim%2C%20Sydney%20Sweeney%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

MIDWAY

Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

While you're here
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
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ESSENTIALS

The flights 

Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes. 

Where to stay 

The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.

On Women's Day
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
NEW ARRIVALS

Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m 

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Reputation

Taylor Swift

(Big Machine Records)

A cheaper choice

Vanuatu: $130,000

Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.

Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.

Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.

Benefits:  No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.

Updated: October 14, 2022, 2:53 PM`
Liz TrussKwasi KwartengUK